Bay Harbor Wealth Management LLC Increases Stock Holdings in Diamondback Energy, Inc. $FANG

Bay Harbor Wealth Management LLC raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 25.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 656 shares of the oil and natural gas company’s stock after purchasing an additional 132 shares during the period. Bay Harbor Wealth Management LLC’s holdings in Diamondback Energy were worth $90,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FANG. Merit Financial Group LLC increased its stake in Diamondback Energy by 35.5% in the first quarter. Merit Financial Group LLC now owns 3,137 shares of the oil and natural gas company’s stock valued at $501,000 after purchasing an additional 822 shares during the last quarter. Vest Financial LLC purchased a new position in Diamondback Energy in the first quarter valued at approximately $7,536,000. Generali Investments Management Co LLC purchased a new position in Diamondback Energy in the first quarter valued at approximately $199,000. Eagle Rock Investment Company LLC increased its stake in Diamondback Energy by 22.3% in the first quarter. Eagle Rock Investment Company LLC now owns 26,121 shares of the oil and natural gas company’s stock valued at $4,176,000 after purchasing an additional 4,770 shares during the last quarter. Finally, KFG Wealth Management LLC grew its position in shares of Diamondback Energy by 8.6% during the first quarter. KFG Wealth Management LLC now owns 1,787 shares of the oil and natural gas company’s stock worth $286,000 after acquiring an additional 142 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. UBS Group raised their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Diamondback Energy in a research report on Saturday, September 27th. Melius Research assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price on the stock. Scotiabank restated an “outperform” rating on shares of Diamondback Energy in a research report on Friday, July 11th. Finally, Mizuho lowered their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and an average price target of $192.41.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $147.47 on Friday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The business has a fifty day moving average of $142.86 and a two-hundred day moving average of $141.52. The company has a market cap of $42.69 billion, a P/E ratio of 10.48 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same period last year, the firm earned $4.52 EPS. As a group, analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is 28.43%.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares of the company’s stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

Diamondback Energy Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.